The company's financial position is characterized by a contracting asset base, which fell to $7.7 million in 2025Q2, while maintaining a low debt-to-equity ratio of 0.02.
Can-Fite BioPharma Ltd. (CANF) balance sheet — 15-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 8M | 9.44M | 8.98M | 9.91M | 9.16M | 20.07M | 9.4M | 7.14M | 7.9M | 6.87M | 10.1M | 17.53M | 10.15M | 6.58M | 1.59M | 4.83M |
| Cash & Short-Term Investments | 7.04M | 8.54M | 7.89M | 8.92M | 7.98M | 19.14M | 8.34M | 2.76M | 3.89M | 3.5M | 8.11M | 16.91M | 9.27M | 5.96M | 1.15M | 3.84M |
| Cash Only | 2.98M | 5.53M | 4.83M | 4.28M | 2.98M | 4.39M | 8.27M | 2.7M | 3.62M | 3.5M | 8.11M | 16.91M | 9.27M | 5.96M | 1.15M | 3.84M |
| Short-Term Investments | 4.06M | 3.01M | 3.06M | 4.64M | 5M | 14.75M | 75K | 64K | 273K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 74K | 0 | 0 | 47K | 48K | 18K | 637K | 0 | 0 | 21.84K | 61.99K | 0 | 57.72K | 0 | 98.27K |
| Days Sales Outstanding | - | 66.16 | - | - | 21.18 | 20.54 | 8.61 | 114.42 | - | - | 47.02 | 137.37 | - | - | - | 76.48 |
| Inventory | 0 | 0 | 0 | 0 | -39K | -48K | 0 | -715K | -3.97M | -3.3M | 0 | -620.81K | 0 | -623.2K | 0 | 1 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 825.99K | 1.09M | 78K | 47K | 48K | 0 | 729K | 41K | 0 | 0 | 558.82K | 807.67K | 565.48K | 415.16K | 0 |
| Total Non-Current Assets | 52K | 74K | 138K | 81K | 126K | 185K | 123K | 1.03M | 49K | 965.88K | 62.91K | 67.37K | 40.83K | 50.83K | 42.56K | 73.04K |
| Property, Plant & Equipment | 52K | 74K | 138K | 81K | 126K | 185K | 123K | 118K | 47K | 46.03K | 53.29K | 60.46K | 34.16K | 41.06K | 42.56K | 73.04K |
| Fixed Asset Turnover | 6.43x | 5.52x | 4.88x | 9.17x | 6.43x | 4.61x | 6.20x | 17.22x | 81.28x | 18.35x | 3.18x | 2.72x | - | - | - | 6.42x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 8K | 0 | 0 | 0 | 0 | 914.66K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | -8K | 0 | 0 | 912K | 2K | 5.18K | 9.62K | 6.92K | 6.68K | 9.76K | 0 | 0 |
| Total Assets | 8.05M | 9.51M | 9.12M | 9.99M | 9.28M | 20.25M | 9.52M | 8.17M | 7.95M | 7.83M | 10.17M | 17.6M | 10.19M | 6.63M | 1.64M | 4.9M |
| Asset Turnover | 0.05x | 0.04x | 0.07x | 0.07x | 0.09x | 0.04x | 0.08x | 0.25x | 0.48x | 0.11x | 0.02x | 0.01x | - | - | - | 0.10x |
| Asset Growth % | 17.32% | 4.32% | -8.7% | 7.61% | -54.16% | 112.67% | 16.5% | 2.79% | 1.53% | -22.96% | -42.24% | 72.78% | 53.54% | 305.74% | -66.65% | - |
| Total Current Liabilities | 2.23M | 2.73M | 2.05M | 2.02M | 2.5M | 2.73M | 1.27M | 3.27M | 3.12M | 1.8M | 2.5M | 1.78M | 1.48M | 2.14M | 2.32M | 1.35M |
| Accounts Payable | 681K | 1.16M | 618K | 427K | 896K | 954K | 561K | 2.16M | 1.07M | 427K | 1.25M | 461.87K | 262.97K | 590.38K | 1.98M | 507.09K |
| Days Payables Outstanding | - | 17.52K | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 405K | 404.99K | 405K | 622K | 783K | 818K | 334K | 469K | 926K | 373.75K | 321.58K | 219.54K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 405K | 298K | 675K | 694K | 492K | 603K | 96K | 165K | 149K | 268.39K | 669K | 149.35K | 248.85K | 317.31K | -728.01K | 297.69K |
| Current Ratio | 3.60x | 3.46x | 4.38x | 4.90x | 3.66x | 7.35x | 7.41x | 2.18x | 2.53x | 3.82x | 4.04x | 9.86x | 6.84x | 3.08x | 0.69x | 3.57x |
| Quick Ratio | 3.60x | 3.46x | 4.38x | 4.90x | 3.68x | 7.37x | 7.41x | 2.40x | 3.81x | 5.66x | 4.04x | 10.21x | 6.84x | 3.37x | 0.69x | 3.57x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 975K | 1.19M | 1.63M | 1.73M | 2.31M | 3.14M | 2.18M | 2.46M | 1.82M | 2.98M | 3.79M | 5.38M | 1.85M | 37.04K | 18.2K | 258.28K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 32K | 15K | 51K | 13K | 14K | 71K | 24K | 39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | -2.29M | -3.07M | -2.16M | -2.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 974K | 0 | 0 | 0 | 2.29M | 3.07M | 2.16M | 1.57M | 0 | 2.14M | 2.62M | 4.45M | 1.85M | 37.04K | 18.2K | 258.28K |
| Total Liabilities | 3.2M | 3.92M | 3.68M | 3.75M | 4.81M | 5.87M | 3.45M | 5.73M | 4.94M | 4.78M | 6.29M | 7.16M | 3.33M | 2.18M | 2.34M | 1.61M |
| Total Debt | 49K | 71K | 104K | 40K | 62K | 124K | 67K | 75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -2.94M | -5.46M | -4.72M | -4.24M | -2.92M | -4.27M | -8.2M | -2.62M | -3.62M | -3.5M | -8.11M | -16.91M | -9.27M | -5.96M | -1.15M | -3.84M |
| Debt / Equity | 0.01x | 0.01x | 0.02x | 0.01x | 0.01x | 0.01x | 0.01x | 0.03x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.30x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | -710.72x | -580.71x | -585.36x | -131.12x | -713.44x | -38.95x | -28.12x | -5.10x | -5.82x | -306.42x | -11.37x | -421.49x | -549.03x | -809.21x | -19.57x |
| Total Equity | 4.86M | 5.59M | 5.44M | 6.24M | 4.47M | 14.38M | 6.07M | 2.44M | 3.02M | 3.05M | 3.87M | 10.44M | 6.86M | 4.46M | -707.99K | 3.29M |
| Equity Growth % | 37.81% | 2.87% | -12.93% | 39.6% | -68.91% | 136.78% | 148.73% | -19% | -1.27% | -21.17% | -62.91% | 52.33% | 53.81% | 729.67% | -121.51% | - |
| Book Value per Share | 1.31 | 6.79 | 0.75 | 1.47 | 1.64 | 7.80 | 5.08 | 8.53 | 23.25 | 28.17 | 41.97 | 136.52 | 117.24 | 97.53 | -21.13 | 105.57 |
| Total Shareholders' Equity | 4.86M | 5.59M | 5.44M | 6.24M | 4.47M | 14.38M | 6.07M | 2.44M | 3.02M | 3.05M | 3.87M | 10.32M | 6.48M | 3.8M | -1.24M | 2.71M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 60.65M | 33.04M | 8.22M | 2.63M | 2.39M | 1.83M | 1.8M | 1.4M | 1.16M | 731.81K | 684.71K |
| Retained Earnings | -180.79M | -176.19M | -166.36M | -158.48M | -150.85M | -140.67M | -125.47M | -110.31M | -100.62M | -105.66M | -90.98M | -82.71M | -78.11M | -80.51M | -67.28M | -60.85M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -943.17K | -929.38K | -931.71K | -1.04M | -1.55M | -1.53M |
| Accumulated OCI | 1.13M | 1.13M | 1.13M | 1.13M | 1.13M | 1.13M | 1.13M | 1.13M | 6.93M | 6.28M | 5.08M | 4.58M | 4.14M | 4.48M | 4.11M | 3.87M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.58K | 129.11K | 374.94K | 660.16K | 535.07K | 583.55K |
Quick answers to the most common questions about buying CANF stock.
As of 2025, Can-Fite BioPharma Ltd. (CANF) had total assets of $9.5M including $9.4M in current assets.
Can-Fite BioPharma Ltd. (CANF) carries total debt of $0.1M, offset by $8.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Can-Fite BioPharma Ltd. (CANF) has total shareholders' equity (book value) of $5.6M ($6.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Can-Fite BioPharma Ltd. (CANF) reported a current ratio of 3.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and dilution risk
Asset Base Erosion Reflects Burn
As reported in recent financial filings, Can-Fite's total assets have declined from $13.5 million in 2023Q1 to $7.7 million in 2025Q2, signaling a persistent contraction in the company's resource base as it consumes capital to fund ongoing clinical development without offsetting revenue growth.
The consistent reduction in total assets suggests that the company is liquidating its balance sheet to sustain operations rather than growing through reinvestment. This trajectory implies that the firm's ability to support future R&D initiatives is diminishing, which may necessitate further dilutive financing to maintain its current clinical pipeline.
Tightening Runway Limits Operational Flexibility
Based on the company's reported figures, the cash position of $6.5 million as of 2025Q2, when measured against the persistent quarterly burn rate, indicates a precarious liquidity buffer that leaves little room for unexpected clinical trial delays or increased regulatory costs in the coming quarters.
While the current ratio of 3.60 appears superficially healthy, it is heavily influenced by the timing of milestone-related deferred revenue rather than liquid cash availability. Investors should monitor the cash runway closely, as the lack of recurring income suggests that the company remains highly susceptible to capital market volatility.
Shareholder Equity Dilution Remains Persistent
According to the balance sheet data, equity has fluctuated significantly, dropping from $8.5 million in 2023Q1 to $4.2 million in 2025Q2, which highlights the ongoing erosion of shareholder value as the company relies on equity issuance to offset its substantial and recurring net losses.
The negative retained earnings balance of $171.2 million underscores the long-term accumulation of losses inherent in the company's pre-commercial business model. This trend suggests that existing shareholders face continued dilution risk, as the firm lacks the internal profitability required to replenish its equity base through organic growth.
Deferred Revenue Distorts Liquidity Perception
As indicated by the financial statements, the presence of $1.8 million in deferred revenue as of 2025Q2 may artificially inflate current liability metrics, potentially masking the true underlying cash-burn reality and the urgency of the company's need for additional non-dilutive funding or new licensing agreements.
The volatility in deferred revenue suggests that headline liquidity ratios may not accurately reflect the company's ability to meet short-term obligations without relying on external capital. Analysts should treat these figures with caution, as they represent future performance obligations rather than a stable source of cash flow.